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SK Hynix USDC perpetuals flash crash on Hyperliquid and rebound

The Hyperliquid USDC-denominated contract tied to SK Hynix’s ADRs briefly fell 20% to about $900 before rebounding above $1,000, as SK Hynix shares slid 14% and Kospi dropped 11%.

Reported · Written up by our desk · Market Structure

CoinDesk reports that perpetual futures tied to SK Hynix on the Hyperliquid decentralized exchange suffered a flash crash, falling about 20% in one minute to roughly $900 before quickly rebounding above $1,000. The USDC-denominated contract was last around $1,092 after the bounce, after a drop and recovery occurred between 23:00 UTC and 23:01 UTC.

The episode also coincided with sharp weakness in South Korea. CoinDesk says SK Hynix shares fell about 14% and the Kospi index dropped 11% around the same period, with SK Hynix ADRs (10 equal one share) down about 4.5% in pre-market trading to $136.51.

CoinDesk adds that the contract’s move preceded a broader selloff in chip-related stocks and market conditions. Other noted decliners included Samsung Electronics and Hyundai Motor, while the exchange operates with liquidity that can thin overnight, a factor CoinDesk links to flash crashes in the hours between the US market close and Asia market openings.

The story also places the move in a wider context for AI-related equities. CoinDesk notes that weakness in AI stocks included a reported 5% drop in Nvidia after coverage of a potential $250 billion financial backstop for an OpenAI-linked data-center project, and it says SK Hynix has fallen nearly 48% from a recent peak this month.

Latest closeKospi 6,690.62 ▼5.7%

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